Archive for the ‘tax changes’ Category

In a large statewide poll conducted by Hellenthal and Associates in the spring of 2017, Alaskan voters agreed with the following statement by a two-to-one margin: “The state budget needs to be drastically reduced.” A December 2017 analysis from Key Policy Data (KPD) would seem to confirm that the...

Now that Alaska is in a budget crunch due to the drastic fall in oil prices, the state needs to take another look at its so-called Film Tax Credit program to determine if the returns are worth the investment. Even if the state were not in a fiscal crunch, this program should be reviewed for its benefits...

If you haven’t been oversaturated with the discussions on development of Alaska’s oil resources and the taxing of that resource, then you have a splendid opportunity to learn more from both sides of the argument. Is Alaska’s tax structure on oil too progressive and thus limiting production...

Requires all employers to include on W-2s the aggregate cost of employer-sponsored health benefits for informational purposes only. If employee receives health insurance coverage under multiple plans, the employer must disclose the aggregate value of all such health coverage, but exclude all contributions...

Excise Tax on High-Cost Insurance Plans—Tax Years Beginning 2018 or Later. Insurers will face a 40 percent excise tax on health coverage with premiums in excess of $10,200 for an individual or $27,500 for family coverage. These thresholds are increased to $11,850 for individuals or $30,950 for families...

Impose an excise tax on insurers of employer-sponsored health plans with aggregate values that exceed $10,200 for individual coverage and $27,500 for family coverage. (Effective January 1, 2018)
Source: Kaiser Family Foundation

New excise tax on medical device manufacturers equal to 2.3 percent of the price for which the medical device is sold. The tax will not apply to eyeglasses, contact lenses, hearing aids, and any other device deemed by the Secretary of DHHS to be of the type available for regular retail purposes.
Source:...

Beginning in 2013, additional 0.9 percentage Medicare Hospital Insurance tax (HI tax) on self-employed individuals and employees with respect to earnings and wages received during the year above $200,000 for individuals and above $250,000 for joint filers (not indexed). Does not change employer HI tax...

The threshold for the itemized deduction for unreimbursed medical expenses would be increased from 7.5% of AGI to 10% of AGI for regular tax purposes. The increase would be waived for individuals age 65 and older for tax years 2013 through 2016 (Effective January 1, 2013).
Source: NAHU

Expands obligation of persons engaged in a trade or business to report on payments of other fixed and determinable income or compensation. Extends reporting to include payments made to corporations other than corporations exempt from income tax under section 501(a). Also expands the kinds of payments...

Exclude the costs for over-the-counter drugs not prescribed by a doctor from being reimbursed through an HRA or health FSA and from being reimbursed on a tax-free basis through an HSA or Archer Medical Savings Account.
Source: Kaiser Family Foundation